REG-A&D Pharma Hldgs N.V Half-yearly Report

BUCHAREST, Romania--(Business Wire)--

A&D PHARMA HOLDINGS N.V.

INTERIM REVIEWED CONDENSED CONSOLIDATED
FINANCIAL RESULTS
FOR THE 6 MONTHS ENDED 30 JUNE 2009

Bucharest, Romania - 30 July 2009 - A&D Pharma Holdings N.V. (the "Group" or
"A&D Pharma"), the Dutch holding company that owns the largest integrated
pharmaceutical wholesale, marketing and sales, and retail business in Romania,
today announces its reviewed interim condensed consolidated results for the six
months ended 30 June 2009 prepared in accordance with IFRS.

GROUP FINANCIAL HIGHLIGHTS

* Ron* denominated consolidated sales up 6% year-on-year to RON 985.0 million
(RON 932.9 million)
* Euro* denominated consolidated sales down 8% year-on-year to EUR 232.9 million
(EUR 254.1 million) due to depreciation of RON currency
* 12% year-on-year reduction in operating costs, including 17% reduction in
labour costs
* Slight increase in consolidated gross margin to 24.7% (24.4%)
* Operating profit up 82% to EUR 17.1 million (EUR 9.4 million)
* Net profit up significantly to EUR 9.2 million (EUR 0.9 million)
* EBITDA up 53% to EUR 20.7 million (EUR 13.6 million)
* Total Debt position stable at EUR 77.0 million (EUR 79.1 million in June 08)

*In order to align the reporting currency with the predominant functional
currency of the Group and simplify comparative performance analysis, the Group
is reporting sales both in Romanian Ron and in Euro. The average EUR/RON
exchange rate for the first half of 2009 was 4.2293 compared to 3.6709 for the
first half of 2008.

SEGMENTAL AND OPERATING HIGHLIGHTS

Wholesale

* 6% year-on-year decline in EUR Wholesale revenue to EUR 164.6 million (EUR
174.3 million)
* 9% year-on-year growth in RON Wholesale revenue to RON 696.0 million (RON
639.8 million)
* 66% increase in wholesale EBITDA to EUR 16.1 million (EUR 9.7 million)
* Operating profit up 89% year-on-year to EUR 15.4 million (EUR 8.1 million)

Marketing & Sales

* 48% year-on-year fall in EUR Marketing & Sales revenue to EUR 24.7 million
(EUR 48.0 million) due to reclassification of some products to Wholesale segment

* 41% year-on-year fall in RON Marketing & Sales revenue to RON 104.6 million
(RON 176.2 million)due to reclassification of some products to Wholesale segment

* Decrease in Marketing & Sales EBITDA to EUR 3.7 million (EUR 7.3 million)
* Operating profit down54% year-on-year to EUR 3.1 million (EUR 6.6 million)

Sensiblu: Retail

* 22% year-on-year growth in Euro denominated revenue to EUR 87.1 million (EUR
71.3 million)
* 41% year-on-year growth in Ron denominated revenue to RON 368.3 million (RON
261.6 million)
* Operating profit of EUR 1.6 million (EUR 1.1 million loss)
* EBITDA up strongly to EUR 3.8 million from EUR 0.7 million in the first half
of 2008
* Romania`s largest branded pharmacy chain with a total of 219 outlets as of 30
June 2009
* 7% increase in total number of transactions from 7.4 million transactions in
over Jan-Jun 2008 to 7.9 million transactions for the first six months of 2009
* Opening of 2 new stores, relocation of 1 store and closure of 4 stores to
consolidate Sensiblu`s position as Romania`s leading branded pharmacy chain
* Loyalty card holders generated a year-on-year increase in average value per
card transaction to EUR12.7 in the first half of 2009 (EUR 12.5 over Jan-Jun
2008)

Romanian Market

* GDP is estimated to be down 4% year-on-year in 2009 (source: Ministry of
Finance)
* Main regulatory development:

* Starting from April 1, 2009, prescription prices were decreased by the
Ministry of Health in order to maintain the carriage and insurance paid ("CIP")
price to a minimum level from a list of 12 countries selected by the
government.

Robert Popescu, CEO of A&D Pharma, commented:

"During the first half of 2009, A&D Pharma demonstrated its resilience to the
economic downturn by reporting solid half year results and record EBITDA,
Operating profit and net profit for the period.

"This strong performance was achieved through the combination of efficiently run
operations at our Wholesale, Marketing & Sales and Retail businesses and the
dedication and commitment of our teams to deliver the highest quality services
and products to our customers and our partners.

"Our EUR denominated sales were obviously affected by the unfavourable exchange
rate with the Romanian currency. Economic and regulatory conditions will
continue to be challenging in the second half of the year but as the leader in
all segments of the Romanian pharmaceutical market, A&D Pharma is well
positioned to overcome these challenges and come out stronger. The current low
level of drug consumption per capita supports high growth potential in the
healthcare industry in Romania and in Central and Eastern Europe."

FINANCIAL SUMMARY

€' 000 H1 2008 H1 2009 y-o-y

Total Revenues, out of which 254,126 232,900 (8%)
- Wholesale 174,295 164,579 (6%)
- Marketing & Sales 47,986 24,729 (48%)
- Retail 71,277 87,080 22%

-Interco (39,432) (43,488) 10%

Operating Profit, out of which 9,366 17,080 82%
- Wholesale 8,142 15,352 89%
- Marketing & Sales 6,646 3,051 (54%)
- Retail (1,150) 1,644 243%
-Group (4,272) (2,967) 31%

EBITDA, out of which 13,577 20,710 53%
- Wholesale 9,702 16,102 66%
- Marketing & Sales 7,344 3,728 (49%)
- Retail 735 3,806 418%
-Group (4,204) (2,926) 30%

EBIT 9,366 17,080 82%
Financial result (6,583) (5,355) 19%

Taxation (1,829) (2,551) (39%)

Net profit 954 9,174 862%

OTHER INFORMATION

The Group will host a conference call for investors and analysts at 5:00 pm
(Bucharest) / 4:00 pm (CET) / 3:00 pm (UK) / 10:00 am (New York - EDT) today. To
participate in today`s conference call, please register online at
www.sharedvalue.net/adpharma/hy2009/.

The number for the conference call will be available upon registration.

For further information, please visit www.adpharma.ro or contact:

A&D Pharma A&D Pharma

Investor Relations Romanian Press Relations

Cristian Barbulescu
Veronica Burlacu
Tel: +40 21 301 7474
Tel: +40 21 301 7474

cristian.barbulescu@adpharma.ro
presa@adpharma.ro

Shared Value Limited

Investor & Media Relations
Nicolas Duperrier / Mark Walter
Tel. +44 (0)20 7321 5010
adpharma@sharedvalue.net

ABOUT A&D PHARMA

A&D Pharma Holdings N.V.is the Dutch holding company of A&D Pharma Holdings
S.R.L., the leading pharmaceutical wholesale, marketing and sales services and
retail business in Romania. Founded in 1994, the Group owns Romania`s leading
pharmaceutical wholesale, sales and marketing services for CHC and Rx products
network "Mediplus", and Romania`s largest national branded chain of pharmacies
"Sensiblu".

The Group`s consolidated sales increased at a compound annual rate of 39%
between 2003 and 2008, amounting to €501.5 million for the twelve months ended
31 December 2008. A&D Pharma`s shares have been traded in the form of Global
Depositary Receipts ("GDRs") on the regulated market of the London Stock
Exchange since October 2006 under the symbol 'ADPH'.

This release is not an offer for sale of the GDRs of A&D Pharma, or any other of
its securities, in the United States or in any jurisdiction where any offer,
sale or solicitation in respect of such securities is not permitted. Securities
may not be offered or sold in the United States absent registration or an
exemption from registration under the US Securities Act of 1933, as amended, or
in any jurisdiction where such offer or sale is not permitted.

Certain statements made in this release are forward looking statements. Such
statements are based on current expectations and are subject to a number of
risks and uncertainties that could cause actual events or results to differ
materially from any expected future events or results referred to in these
forward looking statements.

This release should not be construed as the giving of advice or the making of a
recommendation and should not be relied on as a basis for any decision or
action. In particular, actual results and developments may be materially
different from any forecast, opinion or expectation expressed in this
presentation and the past performance of the price of securities must not be
relied upon as a guide to their future performance.

CONSOLIDATED INCOME STATEMENT (EUR '000)

6 months ended 6 months ended
30 June 2009 30 June 2008

Sales 232,900 254,126
Operating costs (215,820) (244,760)
Operating profit 17,080 9,366

Financial income 1,092 239
Financial expense (6,447) (6,822)
Financial result (5,355) (6,583)

Profit before taxation 11,725 2,783

Taxation (2,551) (1,829)
Profit for the period 9,174 954

Basic earnings per share Eur 0.05 Eur 0.005
Diluted earnings per share Eur 0.05 Eur 0.005

CONSOLIDATED BALANCE SHEET (EUR '000)

Note 30 June 2009 31 December 2008

Assets
Non-current assets
Property, plant and equipment 4 31,333 35,310
Goodwill and other intangible assets 5 230,867 244,301
Financial investments 68 68
Long term receivables 4,198 4,880
Deferred tax asset 2,742 2,331
Total non-current assets 269,208 286,890

Current assets
Inventories 69,379 66,513
Accounts receivable 6 144,197 118,672
Other current assets 7 15,996 9,048
Restricted cash 620 1,194
Cash and cash equivalents 19,322 44,111
Total current assets 249,514 239,538
Total assets 518,722 526,428

Shareholders` equity and liabilities
Shareholders` equity
Share capital 200,000 200,000
Share premium 59,075 59,075
Translation reserve (43,451) (31,148)
Retained earnings/(Accumulated losses) 3,654 (5,520)
Total shareholders` equity 219,278 222,407

Non-current liabilities
Provisions for tax and other regulatory matters 8 15,897 14,377
Long term payables 271 615
Deferred tax liability 4,634 5,035
Finance lease 787 1,615
Total non-current liabilities 21,589 21,642

Current liabilities
Short term borrowings 9 74,325 75,578
Accounts payable, accruals and other liabilities 10 198,955 202,148
Restructuring provision 8 1,663 2,300
Current tax liability 999 45
Finance lease 1,913 2,308
Total current liabilities 277,855 282,379
Total liabilities 299,444 304,021
Total shareholders` equity and liabilities 518,722 526,428

CONSOLIDATED CASH FLOW STATEMENT (EUR '000)

6 months ended 6 months ended
30 June 2009 30 June 2008

Cash flows from operating activities
Profit before taxation 11,725 2,783
Adjustments for:
Depreciation and amortization 3,768 3,960
Loss/(gain) on disposal of tangible and intangible assets (122) 51
Property, plant and equipment impairment (138) 251
Interest income (1,093) (239)
Interest expense 1,733 2,957
Unrealised foreign exchange (gain)/loss 8,145 4,848
Change in provision 646 (375)
Operating profit before working capital changes 24,665 14,236

Increase in receivables and prepayments (37,234) (40,036)
Decrease in inventories (2,866) (9,166)
Increase/(decrease) in trade and other payables (2,477) 37,730
Changes in working capital (42,577) (11,472)
Tax paid (686) (2,845)
Net cash generated/(used) from operating activities (18,598) (81)

Cash flows from investing activities
Purchases of property, plant and equipment (521) (1,625)
Purchases of intangible assets (600) (1,632)
Acquisition of other subsidiaries - (1,843)
Proceeds from sale of tangible assets 406 598
Interest received 1,172 239
Net cash generated/(used) in investing activities 457 (4,263)

Cash flow from financing activities
Loan reimbursements (1,571) (8,243)
Proceeds from borrowings - 9,700
Lease payments (1,343) (1,959)
Interest paid (2,232) (2,990)
Net cash generated/(used) in financing activities (5,146) (3,492)
Translation effect (1,502) 1,771
Net decrease in cash and cash equivalents (24,789) (6,065)
Cash and cash equivalents at beginning of period 44,111 13,924
Cash and cash equivalents at end of period 19,322 7,859

A&D Pharma Hldgs N.V

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